What if I keep the claim money and fix it myself?
Once you file a claim with your insurance company, you will probably be required to obtain estimates for the cost of the repairs. Whether you are talking about an automobile insurance claim or a home insurance claim, you will then receive a check for the amount of money needed to repair the damage. Remember, you will also need to pay your deductible out of this amount. Your deductible can range from $50 - $500 depending on coverage and what you asked for when purchasing insurance.
If you do not have a lien on your automobile or home, more than likely the insurance company will make the repair check out to you. Once you receive these funds, you can either take your auto to a repair shop or choose to fix the damage yourself. If you have made a claim on your home, you also have the option to fix the damage yourself or hire a contractor or handyman to make the repairs. Of course, you will need to keep in mind that the insurance provider will only compensate you once for the claim. You cannot go back later and ask for money for repairs that should have made after a previous claim.
When would it be more economical to keep the claim money and fix the damage yourself? If the damage is cosmetic and you are not bothered by the dent or scratch, you can keep the money and not even worry about repairs. If your garage roof was damaged and your brother-in-law offers to repair the roof for free, you can keep the claim money and put it in the bank or use it to pay off bills. The best thing about finding a great insurance policy is flexibility when filing a claim. Once the deductible is paid, you can either use the repair money to make the needed repairs, or put it in the bank